Attorneys professional liability insurance is required by law in some areas for certain kinds of professional practice and is often required under contract by businesses that are the beneficiaries of any advice or services received. There are claims routinely brought against lawyers and this policy is the best way to deal with this issue. Liability insurance coverage amounts and costs can depend on the size of the firm, but are also relative to the position of the firm. Many small firms find it harder to survive, especially through an economic downturn, so small law firm attorney liability insurance could make a real difference.
Why would anyone want to risk his or her practice by not having a policy that protects you in the event that a client sues you? While there are certainly other matters of concern, the reality is that many lawyers (like those in any other line of work) want and need to protect themselves from a financial disaster, even if they feel that chances are that such a thing wont ever happen to them.
Getting the best coverage at the right price
Attorneys practice all types of law, and not all lawyers have the same risks and exposures. Given to that reasoning, issues involving coverage needs are often defined by what is seen as an appropriate premium level for your specific area of practice.As part of a smaller law firm, you should approach your professional liability coverage needs by making your determinations based upon an analysis of the risks you may run. Firms that are considered to have greater risks, such as defense attorneys and personal injury lawyers, really have a higher level of exposure and generally require higher coverage levels.
Firms that handle general business affairs are considered to have far less risk. Its really up to you to determine where you and your partners fit in the risk category with regards to just how much risk is inherent and how much small law firm attorney professional liability insurance is right for you. Speak to an agent about the levels of coverage you may need to protect yourself and your business.